Recently joined a new group in Wells (in May)…my old manager wrote my mid year. There hasn’t been any performance, mid year or money conversation since joining. Since I have no one I can ask, figured I’d start here with my peers.
Questions are-
I got 4% last year, 4.5% previous year and average around 110-120% of bonus target. Don’t believe the rumors, you can get higher than what gets posted here.
I got over a 4% raise for my 2020 EOY with only a meets rating. I was really underpaid for my role at the time though, and my boss knew it, so in terms of real dollars it was probably less than giving a lot of people 2%.
I wouldn’t go making blanket statements though about anything at this bank. Things can be drastically different LOB to LOB, or even team to team within the same LOB.
20 year person here. I've never seen a mid-year raise, nor do I personally know anyone who has gotten a mid-year raise. Most end-of-year raises (effective at the end of Q1 of the following year) are in the "zero to 1%" range, with around .7% being the norm.
Bonus are hit and miss, but actually do happen most years. There used to be profit sharing, but it seems they did away with that just a few years ago.
Only bump I ever got that was more was when I went to another team, back in like 2004, and that was around 4%. I don't think that happens anymore. Also, it's very, very, very difficult to move to another job internally. I've only done it twice in 20 years, and for a long time I was really focused on getting off a particular team so I was trying hard to find a better job.
Mid-year in general is talking no adjustments. Mid-year increase use to occur if someone really out of alignment or really took on additional work. Now hearing mid-year bumps are thing of the past.
You really are new if you think EOY could be 3%. You need to be a unicorn worker probably sleeping with someone, or know a corporate secret to get that kind of bump. Lately 1-2% if lucky and certainly nothing to account for cost living increases. It actually cost you money to stay at WF.
20+ year employee who hates interviewing and has resigned myself to accepting my fate for lacking motivation.
Not a chance on a mid-year increase or COL increase. This question, along with the assumption of 3% actually made me lol.
You can talk to your manager. They'll likely dangle the carrot of a year end raise, but it is not super likely especially if you just joined the group in May.
The best way to get a raise honestly is to leave for a competitor...
Meets across the board. No salary increase at mid-year or end of last year after a “market adjustment” increase last mid year. Essentially took a huge pay cut for competently doing my job. F U Wells Fargo.
Midyear increases are NOT the norm, but they do happen sometimes. I know of several from last month.
Take the inflation rate, and subtract your raise from that number. Reduce your output by that amount.
You could do similar calculations on things like cost of gasoline and parking that you now incurr due to a new commute that you never had prior (for you remote people who had your contracts torn up).
I heard that Charlie is going to divide his 20% and distribute to the lowest earners. Time to eat the 1%.
no mid-year raise, at least in tech
I got a mid-year raise, but it's not normal
Yes you should get a mid year raise of 2-5%. If not, make sure to ask your manager why not. Do not give up until they give you a solid answer.
If a mid-year raise happens sans promotion, it’s probably a unique situation. This actually happened to me toward the end of the calendar year after I’d been with Wells for about 3 - 4 months, but it was because they were realigning the pay ranges to better compete with peers, and almost everyone in my role in our group got the same bump. Otherwise that’s not the norm.
Like others have said in here, if it was a lateral move without a salary increase then you’ll get whatever merit raise you’re deemed worthy of early next year, like always. If it was a promotion, then while not expressly forbidden, in all likelihood your salary will be the same until they do merit increases in early 2024. If it’s in their budget and they want to reward you, you might get something in 2023, but as I understand it that’s not typical.
Don’t expect any cola. Mid year raises do not happen.
No, yes you have to ask but they’ll likely tell you no and it depends. If you moved roles and it was a promotion you likely won’t get the merit increase. Wells frowns upon double dipping so they’ll likely consider your promotion as your raise but you should shave I’ll get your full bonus if you’re eligible for it.
Best to ask your new manager. It’s their job!
Did you apply for/accept a new position without discussing financials or they just moved you to another group? If it’s the latter, I’d assume it’s a lateral move and raises typically occur beginning of the year.
No, yes, maybe- 3% might be high.